Pipeline Technique was founded in 1998 by welder Duncan McGregor and subsea engineer Ian Stuart.

HMC made an initial investment in the firm 10 years later, before taking sole ownership in 2015.

But HMC decided to shut down its offshore pipe-lay activities last year and Pipeline Technique came back on the market.

The firm, which turned over more than £45m in 2017, employs just under 100 people, with 60 staff members based in north-east Scotland.

It also has a permanent presence in Houston, Dubai and Oman.

London-based BWE has invested in a number of north-east energy sector firms, including Siccar Point Energy, Rovop and Survivex.

BWE managing director Martin Somerville said Pipeline Technique’s management team would be retained and that “significant capital” would be made available to expand the company’s international footprint, possibly through further acquisitions.

Pipeline Technique chief executive Patrick Boerkamp said he looked forward to seeing the business “flourish”.